Washington

Federal Reserve Bank of San Francisco President Mary Daly said the central bank should raise interest rates "a little" above 3% by the end of the year to cool inflation, pushing back against investor bets that officials would then reverse course.

The short end was hammered in the secondary with large blocks of high-grades showing big swings to higher yields while the rest of the curve wasn't spared the damage and triple-A yields rose by seven to 16 basis points.

The 15% corporate minimum tax may hurt the muni market the most during outflow cycles by cramping demand and leading to higher borrowing costs for states and cities.

The inclusion of swaps has the potential to increase claimed damages in the New York State lawsuit, though banks view swap materials as providing a potential defense.

Brokers should be aware that inaccurate tax reporting could force its brokerage clients to seek damages and could force dealers to make their clients sign a liability waiver, as the recent muni case Richard Goodman v. UBS Financial Services highlights.

The respected muni tax expert died unexpectedly Aug. 14.

Inflation and material shortages are accelerating the P3 trend of bringing in a private team before price is finalized, which could expose investors to cost-escalation risk.

Vern Breland is representing himself, and told a court he relied on his municipal advisor.

Democrats say the $740 billion legislation would mark the largest climate change mitigation investment in the country's history.

The training camps will focus on 30 grant programs in the infrastructure law that carry the biggest bang for their buck and allow cities to apply directly to the feds.